Mumbai: India’s largest pharmaceutical company, Sun Pharmaceuticals, has placed a non-binding offer of about $10 billion to acquire US-based women’s health and speciality pharma company Organon. If this deal goes through, it could become one of the largest acquisitions ever by an Indian pharmaceutical company.
Organon offers a wide portfolio of products to diagnose women’s health issues related to infertility, menopause, breast cancer, polycystic ovarian syndrome (PCOS) and others, besides its portfolio of biosimilars.
Spun out of MSD (Merck Sharp & Dohme) in 2021, Organon has made several acquisitions over the years, including Forendo Pharma in 2021 and Dermavant in September 2024. The company has been accused of mismanagement, which caused the company’s shares to plunge in October 2025 and resulted in the exit of its then CEO. The company has since rebounded, even though it still has a $9.5 billion debt pile.
Sun Pharma and its banking advisors are working on a financial package to present to Organon’s board, as the Dilip Shanghvi-led company looks to boost its presence in the US with this acquisition.
According to a report by the Economic Times, Samsung Bioepis, a manufacturing partner of Organon’s biosimilar, was also expected to bid for the company, though it has denied these plans.
For Sun Pharma, this acquisition could help reshape the global biosimilar market, which is currently dominated by Sandoz, Pfizer, Biogen and Amgen, besides others. In 2022, Biocon Biologic’s $3.3 billion acquisition of Viatris biosimilars was the largest outbound M&A deal in the pharmaceutical sector to date.
Sun Pharma’s shares were trading at ₹1,641.30 on January 20, the day the news broke out.
